On Sep. 26, BRZ CB amended institutions' internal control systems.
BRZ CB issued Resolution 5.178 on financial institutions' internal control systems.
Follows BRZ CB Oct. 2021 issuance of internal control requirements, see #122439.
Highlights
Resolution 5.178 made amendments to Resolution 4.968 of November 25, 2021.
Internal control systems must establish measures to ensure the reporting of correct documents, data and information in accordance with set deadlines and conditions.
Quality verification in item IV, item i must include performance specific quality tests.
Effectiveness
Resolution 5.178 shall come into force on Jan. 1, 2025.
Regulators
BRZ CB
Entity Types
B/D; Bank; CU; IA; Inv Co; Thrift
Reference
Res 5.178, 9/26/2024
Functions
Compliance; C-Suite; Operations; Reporting; Risk
Countries
Brazil
Category
State
Products
Banking; Corporate; Fund Mgt; Loan; Payments; Securities
